The very first meeting of Federal Savings Bank, known then as Dover Co-operative Savings Fund and Loan Association, was held in the Cocheco Hose Company Hall on First Street on June 26, 1890. For the next 65 years, the Bank known as Dover Cooperative Bank and later as Dover Federal Savings and Loan Association was housed in the Walker Block at the corner of Locust and Washington Streets. The present main office facility at 633 Central Avenue was constructed in 1972. The Bank's name was changed to Federal Savings Bank in 1983 to reflect a growing customer base in areas outside of Dover. Today, the Bank has four additional locations in Barrington, Durham, Portsmouth and Rochester.

Growth and Success

Since its inception, Federal Savings Bank has operated as a true mutual community bank and today is one of the few remaining independently owned financial institutions in the region. Local management with concerns about the needs of its communities enhances the reputation of quality service the Bank has enjoyed throughout its 120-year history. In today's world, there are precious few companies that are sufficiently successful in fulfilling their customers' needs to last even half that long.

From its modest beginnings in 1890, Federal Savings Bank has experienced healthy and stable growth. Today, the Bank's combined loan loss reserves and capital is approximately $26.5 million. Couple this financial strength with the Bank's history of prudent loan underwriting standards and it's easy to understand how the Board of Directors and Management have been able to navigate successfully through several challenging economic times over the last 120 years. The Bank is now the leading New Hampshire based bank lender of residential mortgages in Strafford County and has provided commercial financing for some of the region's largest corporations including Thermopol in Somersworth.

Federal Savings Bank has grown from a savings and loan association to a full service financial institution offering highly competitive business banking products and services as well as some of the most technologically advanced banking services available today. These services include remote deposit capture and online cash management tools, just to name a few. The experienced retail lenders, branch staff and the local knowledge of the Bank's commercial lending team have played a critical role in the Bank's success. Federal Saving Bank's growth has been steady over the years and can most definitely be attributed to customer loyalty, community support and the bank's commitment to quality service.

“What truly sets us apart from our competitors is our staff,” according to President and Chief Executive Officer, James J. O'Neill, Jr., who is the 14th President to oversee Federal Savings Bank. “From the Bank's Directors to its tellers, everyone is committed to working hard and offering exceptional service. I couldn't be more proud to steward such a group of dedicated people,” he added. In terms of the Bank's success throughout the years, O'Neill attributes public confidence as the recipe for success. “The Bank's growth is unquestionably due to public confidence in this institution and support from our local community. Confidence and trust are immeasurable assets of any business and we are fortunate to have experienced tremendous loyalty from our customers and communities throughout the years.”

Community Support

The founding directors of Federal Savings Bank formed the association to provide people with a safe place to deposit their money and loan that money back into the community in order to meet housing needs. Additional profits were to be reinvested back in the community to worthy community organizations and projects. Over a decade later, much remains the same. While Federal Savings Bank has experienced tremendous growth, the Bank continues to invest in its local communities. Profits are distributed in the local community in the form of loans to homeowners, business owners and donations to local civic and non-profit organizations.

The Bank has long been recognized as a true corporate leader in the community receiving distinguished honors including Business of the Year by both the Dover and Portsmouth Chambers of Commerce and has twice been recognized by the Better Business Bureau with its Torch Award for Marketplace Ethics. Executive Vice President and Chief Financial Officer, James Brannen, who currently serves as a board member for the Dover Chamber of Commerce and a trustee for the Dover Trust Fund credits the Bank's employees for helping to make Federal Savings Bank a respected corporate citizen in the community. “The Bank's community support extends far beyond simply writing a donation check. Our employees are committed to positively contributing to the quality of life of in our communities and they impress me each day with their dedication to making a difference locally,” he said. Federal Savings Bank has been a long-time supporter of community-based events including Dover's Apple Harvest Day and Cochecho Arts Festival and Durham's Fourth of July Fireworks celebration. The Bank has also contributed to several local fundraising projects including the campaign for Cross Roads House to build a new homeless shelter and a substantial donation to the Dover Chamber of Commerce to build a new chamber building and visitor center. “We are fortunate to have benefited from the loyalty of this great community and we are pleased to have many opportunities to give back. As a community bank, we are able to increase our community support as we experience growth – it's really a win-win,” said O'Neill.

The Future

New Hampshire banks in general, and community banks such as Federal Savings Bank in particular, are benefiting from a robust, consumer-oriented market where capitalizing on core attributes such as local decision making and personal service are once again proving to be competitive advantages over non-bank competitors. The future of community banking relies heavily on the loyalty of consumers who appreciate having their money reinvested back in the local economy.

Federal Savings Bank has spent the last decade building its technological infrastructure, expanding its branch network and hiring some of the most experienced banking staff in the area. The Bank is undoubtedly positioned well for future growth. Expanding its products and services, updating technology and growing the business will remain the Bank's priorities and enable them to continue making a difference locally for many more years to come.